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Polaris PAT declines 45%

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Our Bureau  |  New Delhi 

Polaris Software's profit after tax for the fourth quarter ended March 31, 2005, dipped by 44.81 per cent to Rs 5.80 crore as compared with Rs 10.52 crore in the same fourth quarter ended March 31, 2004.
Total revenues increased 15.34 per cent to Rs 196.42 crore (Rs 170.30 crore). The company's profit after tax for the year ended March 31, 2005 decreased by 0.15 per cent to Rs 74.26 crore as against the Rs 74.37 crore that it recorded in the year ended March 31, 2004.
Total revenues jumped by 21.76 per cent to Rs 787.12 crore (Rs 646.42 crore). The board has recommended a dividend of 35 per cent (face value of Rs 5).
In addition, Polaris' board of directors on April 27, 2005 approved the proposal for the 'buyback' of fully paid equity shares of Rs 5 each to the extent of or less than 10 per cent of the paid equity capital and free reserves of the company as of March 31, 2005.
However, this should not exceed 25 per cent of the paid up equity share capital of the company, from the open market through stock exchanges at a price not exceeding Rs 115 per equity shares payable in cash, up to an aggregate amount not exceeding Rs 49 crore.

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First Published: Thu, April 28 2005. 00:00 IST
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